In the parallel market yesterday, the value of the Naira fell from Tuesday’s N1,615 per dollar to N1,620 per dollar.
In a similar vein, the Naira lost value on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, yesterday, falling to N1,606.56 per dollar.
The indicative exchange rate for NAFEM increased to N1,606.59 per dollar from N1,594.27 per dollar on Tuesday, according to data from FMDQ, indicating a N12.32 depreciation of the naira. In NAFEM, the amount of money exchanged (turnover) increased by 2.5 percent to $160.94 million from Tuesday’s $156.94 million in transactions.
As a result, on Tuesday, the difference between the NAFEM rate and the parallel market dropped from N20.73 to N13.41 per dollar.
